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Home / World / China is urging the US to step back after Trump's threat of $ 300 billion

China is urging the US to step back after Trump's threat of $ 300 billion



China's President Xi Jinping and US President Donald Trump will attend a Welcome Ceremony on November 9, 2017 in the Great Hall of the People in Beijing.

Nicolas Asfouri | AFP | Getty Images

China's foreign ministry has resisted Friday against President Donald Trump's recent tariff threat. According to reports, the world's largest economy should abandon its illusions, take responsibility and return to solving the trade war.

] China's State Department spokesman Hua Chunying said at a daily press conference that Beijing needed to take countermeasures if the US wanted to increase tariffs on Chinese goods, Reuters said.

She added that this is not the case in China If Trump wants to wage a trade war with the US, he was not afraid to fight one.

In a series of tweets, Trump announced another tariff round of about $ 300 billion worth of Chinese goods on Thursday, which was not yet targeted by American levies. The indictment comes into force on 1

September.

The move breaks a truce in the longstanding trade war between Washington and Beijing, with investors worried about disrupting global supply chains.

The tariff threat also came as a surprise to the financial markets, in large part because the negotiators from both sides had only met in China earlier this week.

The Dow Jones Industrial Average closed Thursday at 280.85 points lower at 26.583,42, having already risen 311 points earlier in China day.

Psychological Shift

It means that all Chinese goods entering the US are subject to a kind of customs duty. While the actual price for the latest measure is technically only $ 30 billion, or about 0.14% of GDP (gross domestic product), it can lead to a significant psychological shift for the world economy, as many wonder if the trade war is long The Status Quo Remains

In the first Chinese response to the news, senior diplomat Wang Yi said the new tariffs are definitely not the right or constructive way to resolve bilateral trade breaks, a Chinese television station said.

Trade-related developments between the US and China have been disrupting markets for more than a year, and there is evidence that the rafts of additional tariffs from both sides have a real impact on economies around the world.

In fact, it's not just that The Chinese and American sides see the impact: Deferred trade volumes have been traced back to strengths in countries like Vietnam and weaknesses in countries like Singapore.

– CNBCs Jeff Cox and Reuters contributed to this report.


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